Core Viewpoint - Beijing Zhiyuan Huilian Software Co., Ltd. focuses on enterprise-level management software and services, emphasizing digital transformation and intelligent operations through AI and cloud technologies [7][8][9]. Company Overview - The company is a leading provider of enterprise management software in China, specializing in collaborative office and operational management [7]. - It has transitioned from a traditional software supplier to a data and AI-driven collaborative operations management software provider [7][8]. Business Model - The company employs a dual sales model combining direct sales and distribution to reach a wide range of clients [20][21]. - It offers tiered products and solutions tailored to different sizes of enterprises and government clients [8][9]. Industry Situation - The new generation information technology industry is a strategic and foundational sector for the national economy, with significant growth and innovation potential [22][23]. - The digital economy accounted for 42.8% of China's GDP in 2023, indicating a strong trend towards digital transformation across various sectors [23][24]. Technological Development - The company is leveraging AI technologies, particularly large models, to enhance its product offerings and operational efficiency [24][31]. - The rise of low-code and cloud-based solutions is transforming software development and deployment, making it more agile and cost-effective for businesses [32]. Financial Performance - The company plans not to distribute profits for the 2024 fiscal year, opting to retain earnings for future growth [4][5]. - It has established a solid customer base, serving over 50,000 enterprises and government clients across various industries [29].

Core Viewpoint - The company emphasizes its commitment to shareholder returns through cash dividends and focuses on its core business areas of financial technology, particularly in wealth technology, asset management technology, and proprietary technology, while also exploring AI and innovative fields to drive industry digital transformation [2][3][19]. Financial Performance - The company has distributed a total cash dividend of approximately 83.17 million yuan over the last three accounting years, representing 57.21% of the average annual net profit [2]. Strategic Focus - The company aims to align its future development strategy with national policies, concentrating on financial technology and enhancing its core business areas while actively engaging in AI and other cutting-edge technologies [3][16]. - The proprietary technology is identified as a crucial growth engine, with a focus on developing a comprehensive product system to support financial institutions [4][8]. AI and Technology Development - The company has made significant investments in AI, launching key products such as K-GPT and K-CODE, and plans to continue expanding its AI solutions across various business scenarios [6][13]. - The internal deployment of the K-CODE model has shown improvements in code generation efficiency [10]. Market Position and Competition - The new generation FS2.5 core system has been successfully implemented in leading securities firms, demonstrating superior performance in client testing [5]. - The proprietary technology products have secured multiple projects with major financial institutions, indicating a solid market presence [8]. Business Adjustments - The company plans to gradually reduce its involvement in non-financial businesses, focusing on its core financial technology sectors [7][19]. - The company is actively optimizing its operational strategies and has made adjustments to its product lines to enhance overall management efficiency [9]. Future Outlook - The company is optimistic about the long-term growth of the financial technology sector, driven by national strategies and regulatory support for digital transformation in the capital market [16]. - In 2025, the company intends to increase R&D investments and strengthen its core business operations while leveraging opportunities in AI and financial technology [17].

一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 信永中和会计师事务所（特殊普通合伙）对本年度公司财务报告的审计意见为：标准的无保留意见。 本报告期会计师事务所变更情况：公司本年度会计师事务所未发生变更。 非标准审计意见提示 □适用 √不适用 证券代码：301208 证券简称：中亦科技 公告编号：2025-004 公司上市时未盈利且目前未实现盈利 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 √适用 □不适用 公司经本次董事会审议通过的利润分配预案为：以公司截至2024年12月31日的总股本120,000,060股为基 数，向全体股东每10股派发现金红利人民币2.00元（含税），不送红股，不以资本公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 二、公司基本情况 1、公司简介 ■ 2、报告期主要业务或产品简介 （一）主要业务及产品 公司是一家IT基础架构全栈式、全周期的"服务+产品"提供商，主营业务专注于IT基础架 ...

4月24日晚间，致远互联（688369.SH）发布2024年年度报告。报告期内，实现营业收入84652.58万元， 企业端订单增长8.7%，签约金额百万以上订单增长27.2%。 面向央国企和集团型客户，公司通过平台能力满足其集团管控、流程管控、智能门户等组织运营管理需 求，推出央国企一体化平台统建方案、国有资产运营、内控合规、投资项目管理、流程运营中心等解决 方案。 报告期内，公司为中国石油天然气集团有限公司、中海集团、中国中车（601766）、中国中铁 （601390）、中国出版（601949）集团有限公司等多家大型央国企集团客户提供覆盖信创改造、综合办 公、流程贯通、行业化定制以及新技术场景应用服务，公司在央国企市场取得显著突破，一级央企客户 触达率超过 30%，央国企客户合同金额同比增长20.8%，信创专版产品合同金额增长 44.3%，成为大型 组织信创综合办公首选品牌。（燕云） 报告期内，公司加强了技术平台的能力和AI应用的投入，研发支出21288.47万元，同比减少10.09%，研 发投入占营业收入25.15%，较上年增加2.48个百分点，持续的研发投入，夯实平台和产品的核心竞争 力，提升了解决方案 ...

4月24日，沪指盘中窄幅震荡，北证50指数大幅下探；港股回调走低，恒生指数一度跌超1%，恒生科技 指数一度跌超2%。 具体来看，沪指盘中窄幅震荡，尾盘小幅上扬，北证50指数大跌超3%。截至收盘，沪指微涨0.03%报 3297.29点，深证成指跌0.58%报9878.32点，创业板指跌0.68%报1935.86点，科创50指数跌近1%，北证 50指数跌3.44%，沪深北三市合计成交11391亿元，较昨日减少1235亿元。 场内近3700股飘绿，信创、云计算、算力概念等下挫，跨境支付概念回调，东方通（300379）、拉卡拉 （300773）跌超10%；电力板块拉升，乐山电力（600644）、华银电力（600744）、西昌电力 （600505）等涨停；银行板块上扬，农业银行、工商银行、中国银行涨约2%，再创历史新高；医药板 块活跃，金凯生科（301509）、尔康制药（300267）、凯莱英（002821）等涨停；宠物经济概念崛起， 天元宠物（301335）20%涨停，乖宝宠物（301498）、中宠股份（002891）再创新高。值得注意的是， 近日的强势股安记食品（603696）（603696）、国芳集团（60108 ...

Investment Rating - The investment rating for the company is "Buy" with the rating maintained [1] Core Views - The company has shown significant growth in revenue and profit in Q1 2025, with a year-over-year revenue increase of 50.76% and a net profit increase of 75.33% [6] - The demand in the downstream market for AI and trusted computing continues to be strong, validating the company's product competitiveness [6] - The company is expected to achieve rapid growth driven by its leadership in high-end CPU and DPU processors, with projected revenues of 142.09 billion, 203.34 billion, and 271.69 billion for 2025, 2026, and 2027 respectively [6][8] Financial Performance - In Q1 2025, the company achieved a revenue of 24.00 billion and a net profit of 5.06 billion, with a gross margin of 61.19% and a net margin of 29.74% [6] - The company's contract liabilities increased significantly to 32.37 billion by the end of Q1 2025, compared to 9.03 billion at the end of 2024, indicating strong demand and prepayments from customers [6] - The company’s inventory also rose to 57.94 billion, reflecting proactive stockpiling in response to market demand [6] Earnings Forecast - The company is projected to achieve a net profit of 29.79 billion in 2025, with a year-over-year growth of 54.25%, and an EPS of 1.28 [5][6] - The P/E ratio is expected to decrease from 282.86 in 2023 to 119.95 in 2025, indicating improving valuation as earnings grow [5][8] Market Comparison - The company is positioned as a leader in the semiconductor industry, with a significant market capitalization of approximately 357.30 billion [1][7] - Comparatively, the average P/S ratio for similar companies is around 53.51 for 2025, suggesting the company is competitively valued [7]

在非校园市场，公司依托技术复用优势拓展政企与农水领域，智慧政企解决方案收入占比达15.08%， 新增中韩石油化工、福耀玻璃（600660）等行业龙头客户；智慧农业业务收入同比增长43%，在山西孝 义、河南伊川等地打造智慧灌溉、水肥一体化标杆项目，助力农业数字化转型。K12及中职市场新增客 户超1100所，"1+3"数字食堂监管平台在河南、湖北等地快速落地，覆盖700余所中小学，打开基础教育 信息化增量空间。 从政策层面来看，《教育强国建设规划纲要》的发布，推动了教育信息化持续投入，为公司核心业务提 供长期赛道支撑。新开普前瞻性布局AI+教育，星普大模型实现校园私域数据本地化训练，降低高校算 力投入门槛；信创领域，南昌大学等项目完成全场景可信支付覆盖，适配国产化技术体系，契合国家信 息安全战略。 作为国内高校智慧校园领域龙头，新开普在校园信息化产品的市场占有率超过40%，业务覆盖清华大 学、北京大学等千余所高校。2024年，公司持续深化"码卡脸"一校通等核心解决方案，"码卡脸"一校通 平台新增中国科学技术大学、香港城市大学(东莞)等近40所高校客户，老客户升级改造项目近50所，在 生物识别支付(如北京科技大学掌 ...

Summary of the Conference Call for SuperMap Software Company Overview - **Company**: SuperMap Software - **Year**: 2024 - **Key Changes**: Major organizational restructuring affecting 80% of personnel, impacting contract signing and project implementation [1][2] Financial Performance - **Revenue**: 1.5 billion (down 24% year-on-year) [2] - **Net Profit**: Negative 177 million (loss compared to profit in 2023) [2] - **Goodwill Impairment**: 160 million, primarily related to three acquired subsidiaries [2] Business Developments - **Natural Resources Product Line**: Significant decline due to organizational changes [1][3] - **Financial Services**: Strong performance noted [1][4] - **Military Contracts**: New contracts increased by over 100%, entering the digital earth sector [3][11] - **Enterprise Applications**: Significant growth in contracts, especially in airport projects totaling over 10 million [9][10] Technological Advancements - **Technology Upgrade**: Integration of remote sensing technology and release of remote sensing interpretation model [1][5] - **AI Development**: Construction of an AI technology base and plans to launch a spatial intelligent assistant product in 2025 [1][5] Strategic Planning - **Market Share**: Focus on increasing existing market share and accelerating new business development [1][6] - **Resource Integration**: Plans to enhance synergy and competitive advantage through resource consolidation [6][13] - **AI and Innovation**: Active participation in the development of guidelines for large models in the natural resources sector [7][15] Industry Contributions - **Guidelines Contribution**: SuperMap contributed about one-third of the content for the natural resources industry large model construction guidelines [7] - **Pilot Projects**: Involvement in pilot projects for the intelligent enhancement of land space information platforms with contracts exceeding 10 million [7] Market Expansion - **Overseas Projects**: Initiated solutions in overseas markets, particularly in Africa and Southeast Asia [12] - **Collaboration with State-Owned Enterprises**: Strengthened partnerships with major state-owned enterprises [12] Future Outlook - **Growth Projections**: Anticipated growth in military and water conservancy sectors, with expected growth rates exceeding 50% [19] - **AI Demand**: Increasing demand for AI applications expected to enhance efficiency and reduce costs [15][18] - **Overall Business Expectations**: Anticipated recovery in orders and profitability in 2025 [25] Competitive Landscape - **GIS Market Position**: Maintained leading position in the domestic GIS market, with increasing preference for domestic products [21] - **Digital Earth Projects**: Achieved breakthroughs in military digital earth platforms, with a focus on software development [24] Miscellaneous - **SaaS Growth**: Over 80,000 new registered users in the SaaS online service sector, with commercial users surpassing 640,000 by the end of last year [10]

Group 1: Key Insights from the Reports - The report highlights a downward adjustment in valuations across various sectors, with industrial parks and logistics facing significant pressure, while public utilities and consumer sectors show relative stability [9][10]. - The report indicates that securities proprietary trading is the largest institutional investor increasing REITs holdings in the second half of 2024, reflecting a shift in investment behavior [10]. - The report emphasizes the importance of understanding REITs valuation changes through detailed annual reports, which provide insights into operational details and asset valuation adjustments [9]. Group 2: Company-Specific Insights - The report on Keda Xunfei (002230.SZ) indicates a strong revenue growth of 18.79% year-on-year, with projected net profits for 2025-2027 being 828 million yuan, 1.086 billion yuan, and 1.434 billion yuan respectively, reflecting a positive outlook for the company [11][17]. - Keda Xunfei's revenue structure shows significant growth in AI applications, with the education sector achieving 7.229 billion yuan in revenue, a 29.94% increase, and enterprise AI solutions growing by 122.56% [14][16]. - The report on Anjisi (688581.SH) reveals a robust domestic growth of 14.63% and an impressive overseas revenue increase of 36.19%, with a total revenue of 6.37 billion yuan for 2024 [20][21]. Group 3: Industry Trends - The semiconductor display industry is experiencing a positive shift in supply-demand dynamics, with BOE Technology Group (000725.SZ) reporting a revenue increase of 13.66% and a net profit growth of 108.97% for 2024 [26][28]. - The report indicates that the medical device industry, particularly in cardiovascular interventions, is poised for growth, with significant revenue increases in both electrophysiology and vascular intervention products [36][40]. - The software industry, particularly in CAD solutions, is expanding its ecosystem, with a reported revenue growth of 7.31% for Zhongwang Software (688083.SH) in 2024, driven by a focus on key customer needs and technological advancements [30][34].

Core Insights - The company reported a revenue of 1.301 billion yuan in Q1, representing a year-on-year growth of 6.22% [2][6] - Net profit attributable to shareholders was 402.81 million yuan, reflecting a year-on-year increase of 9.75% [2][6] - The WPS software business experienced a decline in revenue, amounting to 262 million yuan, down 20.99% year-on-year, attributed to the new procurement processes under the "Xin Chuang 2025" initiative [3] Revenue Performance - Total revenue for the reporting period was 1.301 billion yuan, up from 1.225 billion yuan in the same period last year, marking a growth of 6.22% [2][6] - The personal business segment saw a revenue increase of 10.86%, contributing nearly two-thirds of total revenue [3] - WPS 365, a new business segment, achieved impressive revenue growth of 62.59%, reaching 151 million yuan [3] Profitability Metrics - Net profit attributable to shareholders was 402.81 million yuan, an increase of 9.75% compared to the previous year [2][6] - The net profit excluding non-recurring items was 389.84 million yuan, reflecting a growth of 10.72% [2][6] - Basic and diluted earnings per share were both 0.87 yuan, up 10.13% year-on-year [2][6] Cash Flow and R&D Investment - The net cash flow from operating activities was 35.22 million yuan, a significant decline of 77.05% year-on-year, primarily due to seasonal fluctuations in customer payments and increased employee-related cash expenditures [4] - R&D expenditure reached 470 million yuan, representing a year-on-year increase of 16.17%, with R&D investment accounting for 36.13% of total revenue, up 3.10 percentage points [4] Device Coverage and User Engagement - As of March 2025, the number of monthly active devices for WPS Office reached 647 million, a year-on-year increase of 7.92% [4] - The monthly active devices for the PC version were 301 million, up 11.30%, while the mobile version had 346 million, reflecting a growth of 5.14% [4]